Circle is developing a privacy-enhanced stablecoin called USDCx to promote institutional adoption with greater confidentiality. The new stablecoin, built in partnership with Aleo, aims to address privacy concerns for major financial institutions in utilizing blockchain-based payment rails. This move comes as part of a corporate stablecoin race post-US GENIUS Act regulatory framework.

As more institutions explore stablecoins, Citigroup partners with Coinbase for stablecoin-based payment rails, while JPMorgan and Bank of America experiment with similar technologies. Western Union is building a digital asset settlement system on Solana, and Visa expands its stablecoin offerings amid growing competition in the space. The US dollar dominates global stablecoin activity, with USDC and USDT accounting for 85% of the market.

Read more at CoinTelegraph: Circle Develops Privacy-Focused USDCx With Aleo